This is a waiver by a departing member of an LLC or person who was offered membership rights of such rights.
Waiver of Rights to Purchase Membership
The undersigned, RECEIVING PARTY (hereinafter the "Undersigned") hereby waives and relinquishes any and all options and rights to purchase Membership Units in COMPANY NAME (the “Company”) as of the date first written above. This waiver of rights shall supersede and render ineffective the Name Of Document dated Date Document Issued (the “Month of Original DocumentAgreement”) granting such options and right to Undersigned and shall be binding on Undersigned upon his execution of this Waiver.
By this Waiver and Release of Rights, Undersigned agrees and understands that this release and waiver explicitly and implicitly includes all right, title, and interest in any property, whether personal, intellectual, or real, whether owned, controlled, leased, or otherwise related to the Company, including but not limited to intellectual property (such as patents, trademarks, copyrights, trade secrets, websites, formulae, business methods, and/or documentation drafted by Undersigned and/or the Company) in whole or in part. Undersigned further understands and agrees that he is waiving any rights to purchase or demand any form of ownership or equity in the Company. This Waiver and Release of Rights shall inure to the benefit of the Company, and shall be binding upon Undersigned and his heirs, executors, administrators, successors and assigns.
The Company hereby accepts this Waiver and revokes the Month of Original DocumentAgreement in recognition of Undersigned's resignation from Company and pursuit of new opportunities.
IN WITNESS WHEREOF, the undersigned has executed this Waiver of Rights to Purchase Membership as of the date first written above.
Accepted and agreed this_____ day of February, 2013, by: